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Activision Stock Rebounds as 'Call Of Duty' Playing Hours Rise

Activision says people spent more time playing 'Call of Duty' in the second quarter than they did in all of 2019
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Activision Blizzard  (ATVI) - Get Free Report reported earnings results that topped estimates after the bell Tuesday, helped by a rebound in playing hours on its "Call of Duty" franchise game.

The video game maker reported second-quarter earnings of 91 cents per share on revenue of $1.92 billion. Analysts were expecting the company to report earnings of 76 cents per share on revenue of $1.89 billion. 

“With respect to our financial performance, we are pleased that the company continued to deliver strong results in the second quarter, and we are raising our outlook for the year,” said CEO Bobby Kotick in a statement.

Activision reported 127 million monthly active users in the quarter with hours played on the company's "Call of Duty" game reaching higher in the quarter than they were for all of 2019.  

Earlier in the day, Blizzard President J. Allen stepped down from the company and announced that Jen Oneal and Mike Ybarra would be taking over. 

The executive shift comes as Activision Blizzard faces a sexual harassment lawsuit from the California Department of Fair Employment and Housing (DFEH) and an employee walkout.

“We remain intensely focused on the well-being of our employees and we are committed to doing everything possible to ensure that our company has a welcoming, supportive and safe environment where all of our team members can thrive," Kotick said. 

The lawsuit, which was filed on July 20, alleges equal pay violation sex discrimination and sexual harassment at Activision Blizzard. The lawsuit also claimed that the company’s executives failed to take reasonable steps to prevent unlawful conduct.

Activision shares were rising 5% after hours to $84.17 per share.